May 2, 2016 / 4:51 AM / 2 years ago

SE Asia Stocks-Philippine stocks hit 7-week low on election jitters

JAKARTA, May 2 (Reuters) - Philippine shares fell to their
lowest in seven weeks ahead of elections in the country, while
disappointing corporate earnings results continued to hurt
sentiment in Indonesia.
    The Philippine index fell 2.4 percent to its lowest
since March 10, ahead of the May 9 election, as the lack of
clarity in presidential front-runner Rodrigo Duterte's economic
policy caused market jitters.
    "He has not been very specific on his economic policy,
that's why there have been market jitters. He appeared before a
business group last week and it was not received favourably,"
Luz Lorenzo, an analyst with Maybank KimEng in Manila said.
    Indonesia's stock index fell 0.7 percent on
lingering disappointment over first-quarter results.
    Other markets in Southeast Asia are closed to mark the
Labour Day.

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 Change 0421 GMT
 Market         Current     Prev     Pct move
 Jakarta         4804.99    4838.58      -0.70
 Manila          6985.98    7159.29      -2.42
 (Reporting by Fransiska Nangoy; Editing by Anupama Dwivedi)
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